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Consistency and an Axiomatic Characterization of the Market Equilibrium Solutions

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  • Lahiri Somdeb

Abstract

In this paper, we present a unified theory for solutions to games of fair division, which are ordinal in nature and appear as non-symmetric variants of the equal income market equilibrium solution. We characterize the entire family of such solutions using consistency, converse-consistency, local-independence, individual rationality and a weak efficiency condition. This is all done in a variable population framework. In the fixed population framework, we obtain an axiomatic characterization for the same family using monotonicity, individual rationality, local-independence, non-discrimination and another weak efficiency property.

Suggested Citation

  • Lahiri Somdeb, 1996. "Consistency and an Axiomatic Characterization of the Market Equilibrium Solutions," IIMA Working Papers WP1996-10-01_01411, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:wp01411
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